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Purple Style Labs raises $40 Mn in Series E funding

EntrackrEntrackr · 10m ago
Purple Style Labs raises $40 Mn in Series E funding
Medial

Purple Style Labs raises $40 Mn in Series E funding Purple Style Labs (PSL) claims to have achieved a more than 100% CAGR growth between FY21 and FY24, with consolidated revenue exceeding Rs 500 crore in FY24. Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop, has secured approximately $40 million in Series E funding, led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund, including secondary investments. The funding round also saw participation from S Four Capital, Sopariwala Exports, Kemfin Family Office, Cordelia Family Trust, Weikfield Family Office, Salil Taneja Family Office, PKM Capital (Mehta Family Office), Satyen Kanoria, Ritesh Kamani, and several other designers, celebrities, and sports personalities. Existing investors such as Singularity Growth Opportunities Fund I, Pidilite Family Office, Signet Family Office, Rupa Family Office, Kiran Gems Family Office, among others, also participated. According to Abhishek Agarwal, Founder of Purple Style Labs, this capital infusion will fuel the company's aggressive expansion plans both domestically and internationally while strengthening its omnichannel capabilities to enhance the shopping experience for Indian fashion globally. Agarwal added that since acquiring Pernia's Pop-Up Shop in 2018, PSL has scaled it more than 100 times in less than seven years. Since this strategic acquisition, PSL has established over 15 Pernia’s Pop-Up Shop experience centres worldwide, offering womenswear, menswear, jewellery, and accessories. These stores span major cities such as Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, Indore, and an international store in Mayfair, London. Purple Style Labs (PSL) claims to have achieved a more than 100% CAGR growth between FY21 and FY24, with consolidated revenue exceeding Rs 500 crore in FY24. The company is now gearing up for an initial public offering (IPO) in 2026 and has set a target of $200 million in gross sales for the upcoming year.

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Exclusive: Purple Style Labs to raise Rs 750 Cr via fresh issue in IPO

EntrackrEntrackr · 4m ago
Exclusive: Purple Style Labs to raise Rs 750 Cr via fresh issue in IPO
Medial

Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop (PPUS), is set to raise Rs 750 crore ($85 million) through a fresh issue of shares as part of its upcoming initial public offering (IPO). According to regulatory filings accessed by Entrackr, the company's board approved a special resolution to issue up to Rs 750 crore in fresh equity, with no mention of an offer for sale (OFS). The filings indicate a potential pre-IPO placement of up to Rs 140 crore. If completed, the size of the main offer will be reduced by the number of equity shares issued in the placement. As per media reports, the company is expected to go public in 2026. In March, Purple Style Labs (PSL) raised around $40 million in its Series E round led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund. The round also saw the participation of several celebrities and sports personalities including Salman Khan and Sachin Tendulkar. Founded in 2015 by Abhishek Agarwal, Purple Style Labs is a luxury fashion platform featuring Pernia’s Pop-Up Shop and The Stylist. Since acquiring Pernia’s in 2018, it has expanded to over 15 experience centers across major Indian cities and London. According to startup data intelligence platform TheKredible, the Mumbai-based firm has raised over $87 million to date from investors including Binny Bansal, Volrado Venture Partners and others. Purple Style Labs’ revenue from operations grew 36% year-on-year to Rs 508 crore in FY24 from Rs 372 crore in FY23, while losses rose 20% to Rs 45.6 crore. The company has yet to file its FY25 financials.

Purple Style Labs posts Rs 372 Cr revenue in FY23, cuts losses

EntrackrEntrackr · 2y ago
Purple Style Labs posts Rs 372 Cr revenue in FY23, cuts losses
Medial

Purple Style Labs, an omnichannel luxury fashion platform, experienced rapid growth with a revenue increase of over eight-fold in the last two fiscal years. Its revenue from operations reached Rs 372 crore in FY23, compared to Rs 44 crore in FY21. The Mumbai-based company also managed to narrow down its losses significantly in the fiscal year ending March 2023. Purple Style Labs primarily generates revenue from the sale of designer fashion and lifestyle products, with a significant contribution from its UK-based subsidiary. The company's expenses include material procurement, advertising and marketing, employee benefits, and other overheads. Despite the growth, Purple Style Labs still posted losses in FY23.

Exclusive: Salman Khan and Sachin Tendulkar join Purple Style Labs new round

EntrackrEntrackr · 10m ago
Exclusive: Salman Khan and Sachin Tendulkar join Purple Style Labs new round
Medial

Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop (PPUS), is raising Rs 102 crore (approximately $12 million) in a new funding round from more than eighty investors. The board at Purple Style Labs has passed a special resolution to issue 2,040 preference shares at an issue price of Rs 5,00,000 each in the last 3 months to raise Rs 102 crore or $12 million, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Minerva Ventures Fund, Cordelia Family Trust, S Four Capital, and Sopariwala Exports will invest Rs 10 crore, Rs 5 crore, Rs 6 crore, and Rs 5 crore, respectively. The remaining amount will be contributed by individual investors, including Sachin Tendulkar, Salman Khan, Surya Kumar Yadav, Shraddha Kapoor, Sailesh Gupta, Pravesh Dhandhania, Fahim Sultan Ali, and 73 other individual investors. The company will use these proceeds for general corporate purposes and to meet working capital requirements. As per Entrackr’s estimates, the company will be valued at around $400 million post-allotment. Founded in 2015 by Abhishek Agarwal, Purple Style Labs is a luxury fashion platform housing Pernia’s Pop-Up Shop and The Stylist. Since acquiring Pernia’s Pop-Up Shop in 2018, it has expanded to 15 experience centers across major Indian cities and London. Purple Style Labs recorded a 36% year-on-year growth, with its revenue rising to Rs 508 crore during the last fiscal year from Rs 372 crore in FY23. However, this expansion came at a cost, as its losses increased by 20%, reaching Rs 45.6 crore in the past fiscal year. Purple Style Labs is gearing up for an initial public offering (IPO) in 2026 and has set a target of $200 million in gross sales for the upcoming year.

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